Citigroup

Ticker C

Today's data summary

Market open
% change
-0.57%
Price US dollars
55.66
Change
-0.32
As of 20:37 13 Dec 2018
Market cap. US dollars
140,074.26 million
As of 20:37 13 Dec 2018

Latest updates

Citigroup gets chairman

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Citigroup, the US banking giant, has named John Dugan as chairman.

He replaces Mike O'Neill who has reached retirement age and was due to leave in April.

Mr Dugan was already a director of the bank and is a former regulator.

Citigroup - unlike some other US banks - separates the role of chief executive and chairman. The chief executive is Mike Corbat who said "Citi and our shareholders have been well served by having an independent chairman".

Mr O'Neill was briefly chief executive of Barclays.

Citigroup 'moving 63 staff' over Brexit

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Bloomberg is reporting that Citigroup is planning to move 63 people out of the UK as it prepares for Brexit. 45 will come from its trading unit, 18 from its private bank.

Bloomberg's report is based on an internal memo, which it says suggests the 63 staff will move to cities where Citigroup already has operations.

Citigroup profits rise

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Third quarter profits at Citigroup rose to $4.6bn from $4.1bn in the same period last year on flat revenue of $18.4bn.

Facebook asks banks for financial habit data

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Facebook has been asking US banks for information about how people use their services, in a bid to see how it can boost user engagement with the social network.

Sources have told the Wall Street Journal that Facebook has asked Wells Fargo, Citigroup, JP Morgan and US Bancorp to share information on card transactions and how bank customers check their account balances.

The idea is for Facebook to look to incorporating some online banking functions from these banks within Facebook Messenger, similar to the service it provides for PayPal, whereby receipts for payments made are sent to users over Messenger.

Facebook said it wouldn't use the bank data for ad-targeting purposes or share it with third parties.

Citigroup's profits leap 16%

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Citigroup has reported a 16% increase in quarterly profit.

The third biggest US bank measured by assets, was given a boost by lower taxes, higher fee income and strength in its consumer banking business in Mexico.

It said net income rose to $4.49bn (£3.4bn) in the three months to the end of June, up from $3.87bn for the same time last year.

The bank's provision for income tax fell by $351m, following President Donald Trump's corporate tax rate cuts.

Citigroup warns over automation impact on jobs

The head of Citigroup's investment bank has suggested the bank could cut up to half of its 20,000 technology and operations staff in the next five years due to automation, the Financial Times has reported.

James Forese told the paper that the 20,000 posts, which account for almost two-fifths of investment bank employees at Citi, were "most fertile for machine processing".

The FT says his comments echo those of former Deutsche Bank chief John Cryan, who once said technology could replace up to half the bank's workforce.

Citigroup reports rising profits

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Citigroup has reported first quarter net income of $4.6bn up 13% on the same period last year.

It was boosted by strength at its consumer banking business and its division which provides banking services to big companies and governments.

Citigroup takes $22bn tax hit

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Citigroup has taken a $22bn hit following the recent changes to the US tax code, sending it to a $6.2bn annual loss - the first since 2009.

The firm took the one-off change in the final quarter of 2017, resulting in a $18.3bn loss.

Despite the loss, chief executive Michael Corbat said the tax reform pointed to a rosier future for Citigroup.

Excluding the effects of the tax revamp, net profit rose 4% in the last three months of 2017 to $3.7bn, while annual net operating profit jumped $1bn to $15.8bn.